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Deposits

12 Months Ended

Dec. 31, 2024

Deposits [Abstract]

Deposits

Note 8 – Deposits

The distribution of deposits at December 31, 2024 and 2023 were as follows:

		December 31,
			2024			2023
		(In Thousands)
Demand:
Non-interest bearing		$	520,387		$	536,264
Interest bearing			553,731			564,912
Money market			395,004			370,934
			1,469,122			1,472,110
Savings and club			252,491			284,273
Certificates of deposit			1,029,245			1,222,697
		$	2,750,858		$	2,979,080

Deposits of certain municipalities and local government agencies are collateralized by $32.2 million of investment securities and by a $320.0 million Municipal Letter of Credit with the FHLB.

At December 31, 2024, and 2023, certificates of deposit of $250,000 or more totaled approximately $398.0 million and $341.9 million, respectively.

At December 31, 2024, deposits from officers, directors and their associates totaled approximately $69.3 million.

The scheduled maturities of certificates of deposit at December 31, 2024, were as follows (In thousands):

		Amount
2025	$	1,001,024
2026		23,500
2027		2,228
2028		1,112
2029		816
Thereafter		565
	$	1,029,245

As of December 31, 2024, and 2023, the Company had $177.6 and $505.4 million in brokered certificate deposits, respectively. The Company had no brokered demand deposits at December 31, 2024 and 2023. Reciprocal deposits are not considered brokered deposits under applicable regulations.

 

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- Definition

The entire disclosure for deposit liabilities including data and tables. It may include a description of the entity's deposit liabilities, the aggregate amount of time deposits (including certificates of deposit) in denominations of $100,000 or more at the balance sheet date; the aggregate amount of any demand deposits that have been reclassified as loan balances, such as overdrafts, at the balance sheet date; deposits that are received on terms other than those in the normal course of business, the amount of accrued interest on deposit liabilities; securities, mortgage loans or other financial instruments that serve as collateral for deposits; for time deposits having a remaining term of more than one year, the aggregate amount of maturities for each of the five years following the balance sheet date; and the weighted average interest rate for all deposit liabilities held by the entity.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 405
-Topic 942
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478353/942-405-50-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(12))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph e
-Publisher SEC

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Publisher SEC

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X

- References

No definition available.

+ Details

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